Region Sets Record High Median Selling Price

VIRGINIA BEACH, Va. – The median selling price (MSP) of homes sold during May reached a record high for Hampton Roads, despite a slight decrease in the number of homes sold.

For the month, 2,445 sales were closed, with the MSP coming in at $368,000. That’s a 2.2% increase over the previous high of $360,000, set during the month of June 2024.

“After quite a few years of a very tight market, consumers who are looking to buy a home this summer should be very pleased with the selection they have right now,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of the Real Estate Information Network (REIN). “Inventory is also at its highest point in nearly five years, so buyers have plenty of homes to choose from.”

Wolcott said that during May, there were 5,276 homes actively listed for sale. That’s the most since July 2020, when there were 5,576.

“Here in Hampton Roads, it’s still not technically a balanced market, but buyers certainly have more selection than they’ve had in quite some time,” she said.

The real estate market is generally said to be balanced when the month’s supply of inventory (MSI) is between 5.0 and 7.0. MSI is a calculation of how many months there would be homes on the market if no new inventory was added. The MSI for May was 2.59. The last time Hampton Roads saw an MSI of over 5.0 was eight years ago, in July 2017, when it was 5.04.

REIN is a regional multiple listing service, serving members located in 15 cities and counties, with offices in Virginia Beach, Hampton, and Portsmouth.

May data points from REIN:

• Active residential listings during May rose to 5,276, up from 4,980 in April and up 23.7% year-over-year from 4,264 in May 2024.
• Pending sales for the month were 2,582, down from 2,597 in April, but up 5.9% from 2,438 in May 2024.
• Settled sales totaled 2,445. That’s up from 2,193 in April, but down 2.1% from 2,498 in May 2024.
• Median sale price (MSP) of homes sold during May was $368,900. That’s up from $350,000 in April, and up 4.7% year-over from $352,392 in May 2024.
• Month’s Supply of Inventory (MSI) for May was 2.59, compared to 2.44 in April and 2.07 in May 2024. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
• Median days on market (DOM) for the month was 18, one day less than April when it was 19, but three days more than May 2024 when it was 15.
• Residential new construction sold via the MLS during the month was 224. It was 200 in April and 253 in May 2024.